Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Source: LA Times

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts… Steven Sanger, Wells Fargo’s lead independent director, said members of the board are “deeply concerned” about the bank’s practices and will conduct its investigation “with the diligence it deserves.”

Story length: 1,092 words

Access the full story here; See also: “The ethical rot of Wells Fargo, from the top down” (story by SALON) HERE